MasterCard has launched a new initiative to help smaller merchants accept electronic payments and create efficiencies in their operations.
The initiative combines changes to the company’s US region rules with best practices developed from conversations with smaller merchants.
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The new standards have been developed by MasterCard in discussions with its customers and partners, as well as community organizations through its Master Your Card and Master Your Card Oportunidad public education programmes.
According to MasterCard, the new standards will offer greater transparency and value to smaller business owners.
Under the new standards, acquirers and payment service providers will be required to provide their customers with a clear and detailed disclosure of the fees charged, in addition to ensuring a minimum of 30 days’ notice before they modify any fees related to MasterCard transactions.
MasterCard group executive of US market development, Craig Vosburg, said: "Through these new standards and best practices, we’re bringing years of experience and proven results to help merchants evaluate and choose the best partner to help control costs and maximize the opportunities to grow their business."
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By GlobalDataMeantime, MasterCard has also launched two interactive education modules – ‘Merchant’s Guide to Chargebacks’ and ‘Partnering with a Merchant Service Provider’, to offer merchants with resources needed to optimise their business operations.
